Series 22 - Direct Participation Programs Representative Exam (DR)

Exam Restructuring

The Series 22 exam—the Direct Participation Programs Limited Representative Examination (DR)—assesses the competency of an entry-level registered representative to perform his or her job as a direct participation programs representative.

The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a direct participation programs representative, including the solicitation, purchase and sale of limited partnerships, among other products.

The exam consists of 100 scored questions and an additional five unscored pretest questions. Candidates are given two hours and 30 minutes to complete the exam. The passing score is 70 percent.

Please see NASD Rule 1032(c) Direct Participation Programs Representative for more information.

Content Outline

The Series 22 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. It includes sample questions to acquaint a candidate with the types of multiple-choice questions on the exam.

The outline is divided into six sections:

  • Section 1 – Investment entities for direct participation programs
  • Section 2 – Types of direct participation programs
  • Section 3 – Offering practices
  • Section 4 – Tax issues
  • Section 5 – Regulation of direct participation programs
  • Section 6 – Factors to consider in evaluating the programs

Download: Series 22 Content Outline


The Series 22 does not have a prerequisite exam.

Please see Register a New Candidate for more information on the registration process.

Permitted Activities

Covered activities and products include:

  • Direct participation programs (real estate, oil and gas, and equipment leasing)
  • Limited partnerships
  • Limited liability companies
  • S corporations

Taking the Exam

The table below lists the allocation of exam questions for each main job function of a general securities principal:

Section Number of Questions
Section 1—Investment Activities for Direct Participation Programs 12
Section 2—Types of Direct Participation Programs 11
Section 3—Offering Practices Applicable to Direct Participation Programs 14
Section 4—Tax Issues Applicable to Direct Participation Programs 20
Section 5—Regulation of Direct Participation Programs 32
Section 6—Factors to Consider in Evaluating Direct Participation programs 11

See On the Day of Your Exam for more information.

Using Reference Material

The test administrator will provide whiteboard/dry erase marker and basic electronic calculators to the candidates, which must be returned to the test center administrator at the end of the testing session. Some test questions involve calculations. Only the provided calculators may be used during the examination.

The examination may contain questions that require the use of exhibits (e.g., charts, graphs, tables). If so, the questions will indicate when to refer to an exhibit.

Candidates are not permitted to bring any reference materials to testing sessions. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA administered examinations.

To learn more about logistics and protocols for your exam day, please see On The Day of Your Exam.